schreef:
PHARMING GIVES UPDATE ON EQUITY FINANCING WITH YA GLOBAL
Leiden, The Netherlands, June 23, 2009. Biotech company Pharming Group NV (“Pharming” or “the
Company”) (NYSE Euronext: PHARM) today presents an update on the continuing equity financing under the
Standby Equity Distribution AgreementSM (“SEDA” or “the Agreement”) with YA Global Master SPV LTD (“YA
Global”). This week, Pharming raised € 1 million in return for the issuance of approximately 1.7 million ordinary
shares.
In April 2009, Pharming announced the Agreement with YA Global, under which Pharming has the right to
request YA Global to buy shares up to a total of € 20 million at any time over a 36 month period. YA Global can
place these shares in the market or accumulate them to a 4.99% maximum holding in Pharming. YA
Global is committed not to short sell or enter into any hedging transactions related to Pharming stock.
In early June, Pharming announced the first tranches. Including today’s transaction, the total amount of cash
raised over the last four weeks is now € 2.2 million. This last tranche increases the total number of outstanding
ordinary shares to approximately 111.2 ordinary shares per today. This includes the issuance in April of 800.000
non-recurring commitment shares to YA Global.
Michael J. Nowak, Managing Director of Yorkville Advisors, LLC, said: "Yorkville is committed to providing
Pharming the capital required through the SEDA instrument. We are proud that Pharming is our first Euronextlisted investment. Yorkville Advisors is a pioneer in the development of structured finance, particularly the
Standby Equity Distribution AgreementSM. The company manages assets of $900 million and provides innovative
financing for public companies around the world."
Chief Executive Officer of Pharming, Sijmen de Vries, commented: ”As we have announced before, we continue
to aim at improving our balance sheet by a combination of debt reduction and improving our cash position. In the
light of our recent advances and upcoming milestones from the development of our products,
I remain very
positive about the growth opportunities for Pharming. With the strong support of YA Global, expected milestone
payments by our corporate partners and other potential opportunities we plan to further strengthen the financial
basis of the Company in order to continue to execute on our product development programs.”